MBIN · Merchants Bancorp - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | - | - | - | - | - | - |
| Cost of Revenue | - | - | - | - | - | - |
| Gross Profit | - | - | - | - | - | - |
| R&D | - | - | - | - | - | - |
| SG&A | - | - | - | - | - | - |
| Total Operating Expenses | - | - | - | - | - | - |
| D&A | $3.46M | $3.01M | $2.85M | $2.48M | $2.19M | $1.90M |
| Operating Income | $422.64M | $422.64M | $347.91M | $291.14M | $304.93M | $243.36M |
| Interest Expense | - | - | $629.73M | $162.28M | $33.89M | $58.64M |
| Income Tax | $45.03M | $102.26M | $68.67M | $71.42M | $77.83M | $62.82M |
| Net Income | $218.77M | $320.39M | $279.23M | $219.72M | $227.10M | $180.53M |
| EPS - Basic | $3.78 | $6.32 | $5.66 | $4.49 | $4.78 | $3.85 |
| EPS - Diluted | $3.78 | $6.30 | $5.64 | $4.47 | $4.76 | $3.85 |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $212.20M | $476.61M | $584.42M | $226.16M | $1.03B | $179.73M |
| Accounts Receivable | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - |
| Accounts Payable | - | - | - | - | - | - |
| Current Assets | - | - | - | - | - | - |
| Total Assets | $19.45B | $18.81B | $16.95B | $12.62B | $11.28B | $9.65B |
| Current Liabilities | - | - | - | - | - | - |
| Long-term Debt | - | - | - | - | - | - |
| Total Liabilities | $17.17B | $16.56B | $15.25B | $11.16B | $10.12B | $8.83B |
| Stockholders' Equity | $2.28B | $2.24B | $1.70B | $1.46B | $1.16B | $810.62M |
| Retained Earnings | $1.49B | $1.33B | $1.06B | $832.87M | $657.15M | $461.74M |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | ($341.25M) | ($835.28M) | ($356.40M) | $975.77M | ($49.22M) | ($874.89M) |
| Investing Cash Flow | ($195.67M) | ($874.27M) | ($3.26B) | ($2.86B) | ($474.26M) | ($2.53B) |
| Financing Cash Flow | $272.51M | $1.60B | $3.97B | $1.08B | $1.38B | $3.08B |
| CapEx | $20.94M | $18.39M | $7.53M | $6.76M | $3.65M | $3.62M |
| Free Cash Flow | ($362.19M) | ($853.67M) | ($363.93M) | $969.01M | ($52.86M) | ($878.51M) |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | - | - | - | - | - | - |
| Operating margin | - | - | - | - | - | - |
| EBITDA margin | - | - | - | - | - | - |
| Net margin | - | - | - | - | - | - |
| Free cash flow margin | - | - | - | - | - | - |
| FCF / Net income | -1.66 | -2.66 | -1.30 | 4.41 | -0.23 | -4.87 |
| R&D / Revenue | - | - | - | - | - | - |
| SG&A / Revenue | - | - | - | - | - | - |
| Effective tax rate | 17.1% | 24.2% | 19.7% | 24.5% | 25.5% | 25.8% |
| Return on assets | 1.1% | 1.7% | 1.6% | 1.7% | 2.0% | 1.9% |
| Return on equity | 9.6% | 14.3% | 16.4% | 15.1% | 19.7% | 22.3% |
| Return on invested capital | - | - | - | - | - | - |
| Liquidity | ||||||
| Current ratio | - | - | - | - | - | - |
| Quick ratio | - | - | - | - | - | - |
| Cash ratio | - | - | - | - | - | - |
| Leverage | ||||||
| Debt / Equity | - | - | - | - | - | - |
| Debt / Assets | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - |
| Interest coverage | - | - | 0.6x | 1.8x | 9.0x | 4.1x |
| Equity multiplier | 8.53 | 8.38 | 9.97 | 8.64 | 9.76 | 11.90 |
| Liabilities / Assets | 0.88 | 0.88 | 0.90 | 0.88 | 0.90 | 0.92 |
| Efficiency | ||||||
| Asset turnover | - | - | - | - | - | - |
| Inventory turnover | - | - | - | - | - | - |
| Days sales outstanding | - | - | - | - | - | - |
| Days inventory outstanding | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - |
| Valuation | ||||||
| P / E | 9.0x | 5.8x | 7.5x | 5.4x | 6.6x | 4.8x |
| P / B | 0.7x | 0.7x | 1.1x | 0.7x | 1.2x | 0.7x |
| P / S | - | - | - | - | - | - |
| EV / EBITDA | 3.2x | 2.7x | 3.6x | 2.8x | 1.1x | 1.4x |
| Growth | ||||||
| Revenue growth (YoY) | - | - | - | - | - | - |
| Revenue CAGR (3y) | - | - | - | - | - | - |
| Revenue CAGR (5y) | - | - | - | - | - | - |
| Gross profit growth (YoY) | - | - | - | - | - | - |
| Operating income growth (YoY) | 0.0% | 21.5% | 19.5% | -4.5% | 25.3% | 138.3% |
| Net income growth (YoY) | -31.7% | 14.7% | 27.1% | -3.3% | 25.8% | 133.5% |
| EPS growth (YoY) | -40.0% | 11.7% | 26.2% | -6.1% | 23.7% | 62.3% |
| EPS CAGR (3y) | -5.4% | 9.8% | 13.6% | 23.6% | 32.0% | 37.8% |
| EPS CAGR (5y) | -0.3% | 21.6% | 22.2% | 24.9% | - | - |
| FCF growth (YoY) | 57.6% | -134.6% | - | - | 94.0% | 30.9% |
| FCF CAGR (5y) | - | - | - | - | - | - |
| Book value growth (YoY) | 1.7% | 31.9% | 16.5% | 26.3% | 42.5% | 24.0% |
Stability scores
Piotroski F-score
FY 2025 · 9-point quality
1/9
Weak
- ✓Net income positive
- ✗Operating cash flow positive
- ✗ROA improved YoY
- ✗Cash flow > net income
- -Long-term debt decreased
- -Current ratio improved
- ✗No share dilution
- -Gross margin improved
- -Asset turnover improved
Peer comparison
Same SIC group: State Commercial Banks
Comparing Merchants Bancorp against the 5 most active filers in the same SIC group.
Dividends
$0.41/share trailing 12 months · +10.8% YoY
| Ex-date | Per share |
|---|---|
| Mar 13, 2026 | $0.1100 |
| Dec 15, 2025 | $0.1000 |
| Sep 15, 2025 | $0.1000 |
| Jun 13, 2025 | $0.1000 |
| Mar 14, 2025 | $0.1000 |
| Dec 13, 2024 | $0.0900 |
| Sep 13, 2024 | $0.0900 |
| Jun 14, 2024 | $0.0900 |
| Mar 14, 2024 | $0.0900 |
| Dec 14, 2023 | $0.0800 |
| Sep 14, 2023 | $0.0800 |
| Jun 14, 2023 | $0.0800 |
| Mar 14, 2023 | $0.0800 |
| Dec 14, 2022 | $0.0700 |
| Sep 14, 2022 | $0.0700 |
| Jun 14, 2022 | $0.0700 |
| Mar 14, 2022 | $0.0700 |
| Dec 14, 2021 | $0.0600 |
| Sep 14, 2021 | $0.0600 |
| Jun 14, 2021 | $0.0600 |
| Mar 12, 2021 | $0.0600 |
| Dec 14, 2020 | $0.0533 |
| Sep 14, 2020 | $0.0533 |
| Jun 12, 2020 | $0.0533 |